Online business accounts and neobanks in Canada

Snapshot

Canada has a growing set of online first business accounts. Some are federally regulated banks, such as EQ Bank, and others are fintech platforms such as Float, Venn, Wise Business, and Airwallex that often pair low fees with a simple app. The key difference from the big banks is how funds are held and whether deposit insurance applies.

Bank example: EQ Bank Business Account
Fintech examples: Float, Venn, Wise Business, Airwallex
Monthly fee: Often none, charges by use
Key check: How funds are held and protected

Fees and features as of 9 April 2026Last reviewed 9 April 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

As of 9 April 2026, businesses in Canada can choose from online first accounts as well as the big banks. EQ Bank is a federally regulated bank that offers a business account with no monthly fee, while Float, Venn, Wise Business, and Airwallex are fintech platforms that combine a simple app with low fees, interest on balances, or multi currency features. The main thing to understand is the difference between a bank and a fintech: deposits at a member bank are covered by Canada Deposit Insurance Corporation up to the limit, while a fintech that is not itself a bank may hold funds with a partner bank under different terms. Pick on how you bank, and confirm how funds are held and protected before you apply.

How online accounts differ from the big banks

Online first providers usually open accounts through an app or website, charge less for everyday banking, and skip the branch network. That suits a business that banks digitally and wants predictable costs. The trade off is that some features common at a big bank, such as in branch cash handling or a long established lending relationship, may be limited or absent. Match the account to how your business actually operates.

Banks and fintech platforms

It helps to separate two kinds of provider. EQ Bank is a federally regulated bank, so its eligible deposits are covered by Canada Deposit Insurance Corporation. Float, Venn, Wise Business, and Airwallex are fintech companies that focus on spending, payments, or holding multiple currencies, and they may hold your funds with a partner bank rather than as a direct deposit. Both can be useful, but the protection and the way money is held are not the same.

What they are good at

Float markets business accounts and corporate cards with no monthly fee and interest on Canadian dollar and US dollar balances. EQ Bank markets a low fee business account with free transactions for smaller businesses. Wise Business and Airwallex focus on holding and moving money across currencies for companies that trade internationally. As of 9 April 2026, confirm current pricing and features with each provider, since these change.

What to check before you open

Online accounts vary widely, so a short checklist helps, as of 9 April 2026. Verify with the provider

Whether the provider is a bank with deposit insurance or a fintech that holds funds with a partner bank.
The real cost in use, including per transaction, transfer, and currency conversion charges, not only the monthly fee.
The features you actually need, such as multiple currencies, cards, or interest on balances.

How to choose

Decide whether you need a bank with deposit insurance or whether a fintech account fits your use.
Estimate your monthly transactions and conversions, then compare the cost in use rather than the headline fee.
Confirm how funds are held, the current fees, and the opening process with the provider before you apply.

Compare business accounts available in Canada

These providers accept business customers in Canada. Fees and eligibility shown as of 9 April 2026. Confirm current terms with the provider before applying.

Compare business accounts →

Questions about online accounts and neobanks in Canada

Are there neobanks for business in Canada?

Canada has several online first providers for business, including EQ Bank, which is a federally regulated bank, and fintech platforms such as Float, Venn, Wise Business, and Airwallex. Some are banks and some are fintech companies that work with a partner bank, so deposit protection differs. Confirm how funds are held with the provider, as of 9 April 2026.

Do online business accounts in Canada charge a monthly fee?

Many do not. Float and EQ Bank market business accounts with no monthly fee, and Wise Business has no monthly maintenance fee, though it charges per transaction and a one time setup fee. Per transaction and conversion charges can still apply, so compare on how you use the account. Verify current pricing, as of 9 April 2026.

Are funds in a Canadian fintech account protected?

It depends on the provider. Deposits at a member bank are covered by Canada Deposit Insurance Corporation up to the limit, while a fintech that is not itself a bank may hold funds with a partner bank under different terms. Always check how funds are held and whether deposit insurance applies, as of 9 April 2026.

Can I open an online business account in Canada quickly?

Often yes. Several online providers let you apply and open within a day once your registration documents and identification are ready, though identity checks and your business structure can add time. Confirm the current process and timeline with the provider, as of 9 April 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 9 April 2026. Confirm current terms with the provider before applying.